Insurance Jottings
High Court approval of Lloyd’s Brexit transfer ensures continuity of cover for customers
Lloyd’s confirmed on the 25th November that it has received final approval from the High Court of England and Wales to transfer EEA policies to Lloyd’s Insurance Company SA, with its registered office at Place du Champ de Mars 5, 14th floor, 1050 Brussels, Belgium (Lloyd’s Europe).
The transfer will take effect from 00:01 on the 30th December 2020.
This announcement follows previous confirmation that Lloyd’s would be transferring the market’s existing European business which will be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Europe.
Approval follows successful execution of the Lloyd’s Policyholder and Market Notification Strategy as well as a detailed review of the transfer by UK and EEA state regulators and the Independent Expert. A copy of the Independent Expert’s final report can be accessed at Lloyds.com/brexittransfer
Peter Spires, Lloyd’s General Counsel and Company Secretary, said, “We are delighted that the UK High Court and regulators in UK and Belgium have agreed to the transfer. Through Lloyd’s Europe, Lloyd’s policyholders across the EEA will continue to have their policies
serviced following the end of the Brexit transition period”.
Lloyd’s Insurance Company SA is able to write non-life risks from all 30 EEA countries. It is backed by a reinsurance arrangement with Lloyd’s syndicates, ensuring that its policyholders continue to benefit from the Lloyd’s Central Fund and financial ratings.
Authorised and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks incepting from the 1st January 2019.
For the full press release please click here
IHM Certification for UK flag ships subject to PSC inspection at EU ports
Standard Club Article
26 November 2020
Members of UK flag ships (of 500GT and over) are reminded that the requirements of the EU Ship Recycling Regulation (EU-SRR) are retained in UK domestic legislation under the Ship Recycling (Facilities and Requirements for Hazardous Materials on Ships) (Amendment) (EU Exit) Regulations 2019 (SI 2019/277).
The UK Regulations retain the requirement for UK ships to carry an Inventory of Hazardous Material (IHM) and Inventory Certificate (IC) onboard.
From 1 January 2021, UK flagged ships will be classed as third country ships by EU member states, and under the EU Regulations, third country ships are required to have a Statement of Compliance (SoC) when arriving at port or anchorage of an EU member state.
EU member states may require UK ships which are subject to EU Port State Control, to carry a SoC onboard. As such, the UK Maritime & Coastguard Agency (MCA) advises that UK flagged ships of 500GT and over, which are subject to Port State Control (PSC) inspections at EU ports, to carry a SoC in addition to an IC onboard.
For further detail, members are recommended to refer to the Marine Information Note (MIN 645) in the attachment box and contact their Recognised Organisation (RO) if they intend to carry a SoC as advised.
Lawmakers Aim to Ensure UK Financial Services Stay Competitive Globally After Brexit
Britain’s lawmakers launched an inquiry on the 20th November aimed at ensuring its financial services remain globally competitive after the country’s full departure from the European Union next month.
“We’ll make a series of recommendations for how the government, public bodies and the sector itself can ensure that the UK remains a premier financial centre,” said Mel Stride, chair of parliament’s Treasury Select Committee.
Britain left the EU last January and full access to the bloc under transition arrangements ends on the 31st December, with 7,500 jobs and assets worth around a trillion pounds having already left the City of London for new EU financial hubs.
The inquiry will build on reforms already outlined by Britain’s finance minister Rishi Sunak which include making UK listings rules more attractive, amending insurance capital rules, and a sales tax break worth £800 million on financial exports to the EU.
Lawmakers will consider what skills and immigration policy UK financial services will need as banks worry they will no longer be able to hire talent easily after Brexit promised tighter controls of immigration.
It will also look at how regulators should be funded and whether they should have objectives which include wider public policy issues like consumer interests.
The finance ministry has rejected calls from some lawmakers for regulators to have a blanket statutory objective to consider the competitiveness of Britain’s financial sector when writing new rules.
Britain’s financial services minister John Glen said on the 19th November that leaving the EU meant “regulating differently, regulating better.”
“We want to become the most open and competitive financial services centre in the world,” Mr Glen told TheCityUK’s national conference.